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Required information [The following information applies to the questions displayed below] Legacy issues $710,000 of 8.0%, four-year bonds dated January 1, 2021, that pay

Required information [The following information applies to the questions displayed below] Legacy issues $710,000 of 8.0%, four-year bonds dated January 1, 2021, that pay interest semiannually on June 30 and December 31. They are issued at $621,812 when the market rate is 12%. Required: 1. Prepare the January 1 journal entry to record the bonds' issuance.

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